16920 6th St · Norman, MI 49689

$84,500

2 bd · 1.0 ba · 1,120 sqft · SingleFamily · 22 Days on market

Built 1935 6,485 sqft lot $75/sqft · 52% below area ↓ 11% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.7/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Affordable opportunity near beautiful Crystal Lake and just 20 minutes from Caberfae Peaks! Investors, flippers, and buyers looking to build equity will appreciate the potential this property offers. Livable and comfortable as-is, with plenty of opportunity for updates and improvements to maximize value. Main-floor primary bedroom and laundry offer convenient living, while additional features include a 36-foot carport with workshop space, detached garage with loft storage, perennial gardens, cozy sunroom, and a vintage 1963 Nomad camper guest bunkhouse. Seller transparency: prior transactions did not close due to financing/property considerations including a fence encroachment, lower ceiling heights impacting lender square footage calculations, and a leaning wall in the older garage structure. A previous home inspection also identified electrical items common in homes of this age. Great chance for the right buyer to add value and make it shine.

Key facts

• Perennial gardens
• Cozy sunroom
• 6,485 sq ft lot

Tags

• MAIN-FLOOR PRIMARY BEDROOM
• COZY SUNROOM
• PERENNIAL GARDENS

Property features AI

Exterior

• Parking: Detached parking; Carport; Has garage (not attached)
• Utilities: High-speed internet available
• Home design: Single-family residence; Residential property; Other architectural style
• Construction: Built in 1935; Vinyl siding; Metal and shingle roof; Partial/Michigan crawl space basement
• Exterior features: Paved road access; Lot approximately 0.15 acres; Well water

Interior

• Kitchen: Microwave; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Radiant heating; Wall furnace
• Interior features: Guest quarters; LP tank (rented); Total of 4 rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $84k).
• Recommended offer: $83k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Kaleva Norman Dickson School District (rural): math 18% / reading 34% proficiency, ranked #423 of 540 in MI (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 109 units permitted in Manistee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($584 loan paydown + $8k appreciation (10.0% local appreciation)).
• Manistee County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 22 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,232 (1.5% below list)

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
4. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 10.30%
• Cash-on-cash: 14.30%
• DSCR: 1.64
• GRM: 7.2

CMA / ARV

• ARV (median comp): $176,823
• List price: $84,500
• Delta: -52.21%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17310 Spring St	0.40mi	2/1.0	1,100 (-2%)	10mo	$209,900	$191	70
17093 Second St	0.31mi	1/1.0 (-1)	1,060 (-5%)	19mo	$135,000	$127	55
1396 S Baker Rd	0.56mi	2/1.5	960 (-14%)	23mo	$150,000	$156	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.8%
• Equity multiple: 3.70×
• Total profit: $63,944
• Equity at exit: $76,124

10-year hold

• IRR: 30.0%
• Equity multiple: 8.36×
• Total profit: $174,101
• Equity at exit: $164,165

Cash invested: $23,660 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49689

• Home prices YoY: 12.8%
• Active inventory: 25
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $985 medium
• Mortgage (P&I): −$443
• Tax from tax record: −$17 /mo · $209/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $282

Break-even live

Break-even rent $628

Max offer price $84,500

Occupancy floor 66%

Sensitivity live

Price	-10% $330	-5% $306	+0% $282	+5% $258	+10% $234
Rent	-10% $204	-5% $243	+0% $282	+5% $321	+10% $360
Rate	-1.0pp $325	-0.5pp $304	base $282	+0.5pp $260	+1.0pp $238

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $21,125
• Closing costs: $2,535
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $84,500 Active 22 DOM
2. 2026-06-18
   days on market $84,500 Active 20 DOM
3. 2026-06-17
   days on market $84,500 Active 19 DOM
4. 2026-06-16
   days on market $84,500 Active 18 DOM
5. 2026-06-15
   days on market $84,500 Active 17 DOM
6. 2026-06-13
   days on market $84,500 Active 15 DOM
7. 2026-06-12
   days on market $84,500 Active 14 DOM
8. 2026-06-09
   days on market $84,500 Active 11 DOM
9. 2026-06-08
   days on market $84,500 Active 10 DOM

   Show marketing remark (958 chars)

   Affordable opportunity near beautiful Crystal Lake and just 20 minutes from Caberfae Peaks! Investors, flippers, and buyers looking to build equity will appreciate the potential this property offers. Livable and comfortable as-is, with plenty of opportunity for updates and improvements to maximize value. Main-floor primary bedroom and laundry offer convenient living, while additional features include a 36-foot carport with workshop space, detached garage with loft storage, perennial gardens, cozy sunroom, and a vintage 1963 Nomad camper guest bunkhouse. Seller transparency: prior transactions did not close due to financing/property considerations including a fence encroachment, lower ceiling heights impacting lender square footage calculations, and a leaning wall in the older garage structure. A previous home inspection also identified electrical items common in homes of this age. Great chance for the right buyer to add value and make it shine.

10. 2026-06-07
    days on market $84,500 Active 9 DOM
11. 2026-06-07
    days on market $84,500 Active 8 DOM
12. 2026-06-04
    days on market $84,500 Active 5 DOM
13. 2026-06-02
    days on market $84,500 Active 4 DOM
14. 2026-06-01
    days on market $84,500 Active 3 DOM
15. 2026-05-31
    days on market $84,500 Active 2 DOM
16. 2026-05-21
    price $84,500 941-char remark
17. 2026-05-20
    price $84,500 941-char remark
18. 2026-05-20
    price $84,500
19. 2026-05-05
    price $89,000 941-char remark
20. 2026-05-04
    price $89,000 941-char remark
21. 2026-05-04
    price $89,000
22. 2026-04-30
    status Active 941-char remark
23. 2026-04-30
    status Active 941-char remark
24. 2026-04-30
    status Active
25. 2026-04-13
    historical Accepting Backup Offers 941-char remark
26. 2026-04-13
    historical Active Under Contract 941-char remark
27. 2026-04-13
    historical Active - Backup Offers Accepted
28. 2026-04-09
    price $93,000 941-char remark
29. 2026-04-08
    price $93,000 941-char remark
30. 2026-04-08
    price $93,000
31. 2026-03-31
    status Active 941-char remark
32. 2026-03-27
    historical 941-char remark
33. 2026-03-03
    status Active 941-char remark
34. 2026-03-03
    status Active 941-char remark
35. 2026-03-03
    status Active
36. 2026-02-25
    historical
37. 2026-02-25
    historical 941-char remark
38. 2025-11-01
    status Active 941-char remark
39. 2025-11-01
    status Active 941-char remark
40. 2025-11-01
    status Active
41. 2025-10-26
    historical Keep Showing-Contgcy Appl 941-char remark
42. 2025-10-26
    historical Active Under Contract 941-char remark
43. 2025-10-26
    historical Active - Contingent
44. 2025-10-21
    status Active 941-char remark
45. 2025-10-21
    status Active 941-char remark
46. 2025-10-21
    status Active
47. 2025-10-17
    historical Keep Showing-Contgcy Appl 941-char remark
48. 2025-10-17
    historical Active Under Contract 941-char remark
49. 2025-10-17
    historical Active - Contingent
50. 2025-10-07
    listed $95,000 Active 941-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $209 · $17/mo
• Projected year-2 tax: $755 · $63/mo
• Expected delta: +$546/yr (+$46/mo · 261.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,814
• − Mortgage interest: −$4,733
• − Property taxes: −$209
• − Insurance: −$422
• − Repairs & maintenance: −$945
• − Management: −$945
• − Depreciation: −$2,458
• Taxable income: $2,101
• Est. tax owed @ 24.0%: −$504
• After-tax cash flow: $2,880/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Kaleva Norman Dickson School District
• NCES district ID: 2620010
• Math proficiency: 18% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $36,530
• Composite: 21.54/100
• National rank: #8314
• State rank: #423 of 540 in MI

Livability — Norman

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Wellston, MI
• Population (ZIP): 1,791

Population outlook (Manistee County) Hauer SSP2

• Today (2025): 23,785 people
• By 2030: 23,227 · -2.3%
• By 2040: 21,795 · -8.4%
• By 2050: 20,653 · -13.2%
• By 2075: 18,833 · -20.8%
• By 2100: 15,491 · -34.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 3% Two or more races 3% Black 1% Native American 1%
• Common ancestry: Romanian 13% Iranian 5% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Manistee

• 2024 margin: R (+15.9) · D 41.2% · R 57.2% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 13.3pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.1 2016: R+15.4 2012: D+5.9 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 31.65%
• Current HPI: 279.8512
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-10.6% since first listed

53 events — show timeline

• 2026-06-08 Relisted — MiRealSource-MiMLS
• 2026-06-08 Relisted — REALCOMP
• 2026-06-08 Relisted — SW Michigan MLS
• 2026-06-08 Contingent — REALCOMP
• 2026-06-08 Contingent — MiRealSource-MiMLS
• 2026-06-08 Contingent — SW Michigan MLS
• 2026-05-29 Listing Removed — MiRealSource-MiMLS
• 2026-05-29 Listed $84,500 SW Michigan MLS
• 2026-05-29 Listed $84,500 REALCOMP
• 2026-05-29 Listed $84,500 MiRealSource-MiMLS
• 2026-05-21 Price Changed $84,500 MiRealSource-MiMLS
• 2026-05-20 Price Changed $84,500 REALCOMP
• 2026-05-20 Price Changed $84,500 SW Michigan MLS
• 2026-05-05 Price Changed $89,000 MiRealSource-MiMLS
• 2026-05-04 Price Changed $89,000 REALCOMP
• 2026-05-04 Price Changed $89,000 SW Michigan MLS
• 2026-04-30 Relisted — MiRealSource-MiMLS
• 2026-04-30 Relisted — REALCOMP
• 2026-04-13 Contingent — MiRealSource-MiMLS
• 2026-04-13 Contingent — REALCOMP
• 2026-04-09 Price Changed $93,000 MiRealSource-MiMLS
• 2026-04-08 Price Changed $93,000 REALCOMP
• 2026-04-08 Price Changed $93,000 SW Michigan MLS
• 2026-03-31 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-03-03 Relisted — REALCOMP
• 2026-03-03 Relisted — MiRealSource-MiMLS
• 2026-02-25 Listing Removed — REALCOMP
• 2026-02-25 Listing Removed — MiRealSource-MiMLS
• 2025-11-01 Relisted — REALCOMP
• 2025-11-01 Relisted — MiRealSource-MiMLS
• 2025-10-26 Contingent — MiRealSource-MiMLS
• 2025-10-26 Contingent — REALCOMP
• 2025-10-21 Relisted — REALCOMP
• 2025-10-21 Relisted — MiRealSource-MiMLS
• 2025-10-17 Contingent — MiRealSource-MiMLS
• 2025-10-17 Contingent — REALCOMP
• 2025-10-07 Listed $95,000 REALCOMP
• 2025-10-07 Listed $95,000 MiRealSource-MiMLS
• 2021-12-31 Listing Removed — MiRealSource-MiMLS
• 2021-07-12 Listing Removed — REALCOMP
• 2021-07-12 Listing Removed — SW Michigan MLS
• 2021-07-07 Price Changed $89,500 REALCOMP
• 2021-07-07 Price Changed $89,500 SW Michigan MLS
• 2021-06-22 Price Changed $92,500 REALCOMP
• 2021-06-22 Price Changed $92,500 SW Michigan MLS
• 2021-06-21 Relisted — REALCOMP
• 2021-06-21 Relisted — SW Michigan MLS
• 2021-06-18 Contingent — REALCOMP
• 2021-06-18 Contingent — SW Michigan MLS
• 2021-06-12 Listed $89,500 MiRealSource-MiMLS
• 2021-06-12 Listed $94,500 SW Michigan MLS
• 2021-06-12 Listed $94,500 REALCOMP

Property tax history

-6.0%/yr

Latest (2025): $209 · -64.2% YoY. Source: county tax records.